A Guide to Binance: All You Need to Know About the World’s Largest Crypto Exchange
With more than 150 million users, Binance is undoubtedly the World’s biggest crypto exchange. Besides trading, it offers other crypto-related services. This guide discusses all the aspects you need to know about Binance before you create an account.
Understanding Binance
CoinMarketCap ranks Binance as the top exchange, with a trust score of 9.8. The trading platform was founded in 2017 by Changpeng Zhao and He Yi. The former serves as CEO, while the latter is the company’s Chief Marketing Officer. The Binance advisory board is made up of well-known crypto stakeholders like Leslie Massdrop, Ibukun Awosika, and Bruno Bezard.
In terms of numbers and statistics, Binance lists 380 crypto assets and 1,610 trading pairs. Since the start of this year, the exchange has been averaging $4.3 billion in daily trading volume.
Binance Key Features and Offerings
As mentioned, Binance is not just a trading platform. It offers users access to other services, which we will discuss in this section.
Here are the key offerings and features of Binance:
Crypto Conversions and Spot Trades
As a Binance user, you will access the platform’s spot market to place trades on various tokens. Moreover, you can use its “crypto convert” feature to exchange one digital currency for another.
Margin Trades
Do you enjoy trading on leverage? You can do that on Binance. The platform allows you to open leveraged trade positions using two options: Isolated-margin or Margin trading. Binance offers leverage of up to 10x.
Peer-to-Peer Trades
Binance has its P2P (Peer-to-Peer) platform, allowing users to trade directly with each other. There are seven crypto assets supported for P2P trading. Note that Binance does not charge you a trading fee for P2P trades.
Bots
If trading manually is overwhelmingly for you, you can automate your trades using the bots Binance offers. You can use them on both futures and spot markets.
Derivatives
As a futures trader, you can enjoy leverage of up to 120X on Binance. What’s more, the platform offers multiple cryptocurrencies for futures trading.
Binance Earn
Do you want to earn passively? Binance’s “Simple Earn” feature lets users stake their digital assets to earn yield.
Institutional Perks
Although most Binance users are retail investors, the exchange also serves institutional investors, giving them access to a wide range of advanced data analysis tools for evaluating the crypto market.
Asset Management Resources
Asset managers can trade seamlessly on Binance since the exchange provides services related to risk monitoring, order management, and many more.
Loans
Binance gives institutional investors access to its loan service. Moreover, the interest rates charged are competitive.
Binance Launchpad
Besides catering to investors and traders, Binance supports Web3 companies in launching their tokens through its launchpad feature. As of September 2023, the exchange has helped 68 crypto firms launch their digital currencies.
Access to DeFi
Through BNB Smart Smart Chain, Binance lets users access various decentralized finance protocols, like Linear Finance and Wombat, which are built on the blockchain.
Mining Pool
If you’re interested in mining the proof-of-work cryptocurrencies, Binance has a cloud mining interface that gives you access to several miners and seven algorithms.
How Safe is Binance?
After publishing its proof-of-reserves earlier this year, Binance is regarded as the most transparent crypto exchange. The report showed that most user funds were overcollateralized. Besides proof-of-reserves, Binance has adopted several measures to protect customer funds, including two-factor authentication, adoption of cold wallets for crypto storage, QR-based authorization, and restricted device access.
Binance is also regulated by several tier-1 authorities, so it’s unlikely the company will run with users’ money.
Binance Trading Fees
In Binance’s spot market, maker and taker fees range from 0.0012% to 0.1%, depending on the VIP level. On the other hand, USDT-M futures trading attracts a 0.04% fee for the taker and 0.02% for the maker.
Conclusion
The features discussed above make Binance a top crypto exchange. The platform’s dedication to operate in transparency will surely attract more users in the future.
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